Consolidated Investment Group LLC Reduces Position in Medtronic plc (NYSE:MDT)

Consolidated Investment Group LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 73.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,100 shares of the medical technology company’s stock after selling 45,000 shares during the period. Consolidated Investment Group LLC’s holdings in Medtronic were worth $1,327,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. BKM Wealth Management LLC purchased a new stake in shares of Medtronic during the 4th quarter worth approximately $941,000. Perceptive Advisors LLC acquired a new position in Medtronic in the second quarter valued at $41,143,000. Tower Research Capital LLC TRC grew its holdings in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares during the last quarter. Ropes Wealth Advisors LLC lifted its holdings in shares of Medtronic by 21.4% in the 3rd quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock valued at $565,000 after purchasing an additional 1,269 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of Medtronic by 109,325.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock valued at $7,572,000 after purchasing an additional 91,833 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $87.15 on Friday. The firm has a market capitalization of $115.72 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 2.97 and a beta of 0.76. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02. The business’s 50 day simple moving average is $85.23 and its 200-day simple moving average is $80.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the prior year, the company earned $1.30 EPS. Medtronic’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 22nd will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is currently 87.90%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MDT shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, Oppenheimer raised their price target on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.91.

Insider Transactions at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.